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Wells Fargo CEO retires amid cross-selling scandal

Amid a growing chorus of hectoring critics, Wells Fargo Chairman and CEO John Stumpf has called it quits.

In an announcement on Thursday, the company confirmed that Stumpf—amid revelations that at least 2.5 million unauthorized accounts and credit cards were opened for unsuspecting customers—retired from the company and its board of directors, effective immediately. The financial terms of Stumpf’s retirement package were not immediately known.

Tim Sloan, the company’s president and chief operating officer, will succeed him as CEO; Stephen Sanger, lead director, will serve as the board’s non-executive chairman with independent director Elizabeth Duke as vice chair. Sloan also was elected to the Board.

“John Stumpf has dedicated his professional life to banking, successfully leading Wells Fargo through the financial crisis and the largest merger in banking history, and helping to create one of the strongest and most well-known financial services companies in the... To get the full story, subscribe now.